How do you account for the feeling held by many people that something is almost “immoral” about an insurance company canceling a policy in the middle of the policy term?

How do you account for the feeling held by many people that something is almost “immoral” about an insurance company canceling a policy in the middle of the policy term? Do you agree or disagree with this position?

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Expert Solution

1) Yes, I do agree that it is totally "immoral" for an insurance company to cancel a policy in the middle of the policy term as it leaves the customer in distress and lot of risk in case of any issue during that phase. Moreover, every insurance company has a clause of maturity wherein certain sets of benefits are available after some time frame. If the policy is canceled, the customer will have to search for new vendor and restart the process. Firstly, all the benefits of past policy maturity will be at risk. Secondly, it forces the customer to again go through all the pain of documentation, reading terms and conditions, alignment, etc. before making the final agreement. Hence, it is not correct and highly unprofessional if insurance company cancels the policy in the middle of the term.

keosha answered 1 year ago

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